By Mandy Iahn
The best-selling, American author Louis L’Amour wrote, “Some say opportunity knocks only once. That is not true. Opportunity knocks all the time, but you have to be ready for it. If the chance comes, you must have the equipment to take advantage of it.” What equipment you need depends upon your business. At ACP, we equip you with the tools and processes you need to have a successful career in the financial planning industry.
One such tool we offer is the ACP Fee Calculator, which helps advisors set the fee they will charge clients. While many fee-only planners must worry about how they will determine their fee, ACP members have peace of mind knowing they have a tool that has withstood the test of time. Three reasons clients love the ACP Fee Calculator are because it is transparent, it builds trust, and it is fair.
It is transparent. The ACP Fee Calculator clearly shows the components that go into determining a fee. It is not confusing or overly complicated. A client can watch you plug in the numbers and see exactly how you determine the price you charge.
It builds trust. The ACP Fee Calculator builds trust because transparency builds trust. When people can see exactly what you are doing, they don’t worry that you are trying to manipulate them. Instead, they are confident in you and your efforts, and this will lead to open retainer renewals and client referrals. In this way, the ACP Fee Calculator can actually help you grow your business.
It is fair. A topic of continual controversy is the issue of charging based on assets under management. While some believe this is a fair practice, many others, especially the members of ACP, believe this poses a conflict of interest. When we choose to be fee-only, we choose to put the client’s interests first and uphold the highest ethical standards.
When it comes to the ACP Fee Calculator, you can have confidence in the fee you charge. It is a precious resource for you in an industry where there is a great deal of skepticism. Clients love the ACP Fee Calculator because it brings transparency to what could be a murky situation. Thus, it builds trust, and when used correctly, it is a fair means of determining compensation. The next time you have a presentation appointment, you can have renewed confidence knowing you can rely on the ACP Fee Calculator.